智通财经APP获悉，里昂发布研报称，下调百威亚太(01876)2026-2027财年盈利预测，但同时将估值前 移一年，故目标价维持9港元。该行指，仍在等待明确催化剂，餐饮业或O2O渠道若传出好消息，可能 构成上行风险，惟需时等待。维持"跑赢大市"评级。 该行称，百威亚太公布2025年第四季业绩后股价反应疲弱，可能由于中国业务疲软、管理层对2026年餐 饮渠道复苏持保守态度，以及股息计划存在不确定性。该行认为餐饮业复苏前景不明朗，尽管认同管理 层聚焦家用及O2O渠道的策略，但预期复苏将是渐进过程，且销量回升可能被额外投资及平均售价下调 所抵销。 ...

摩根大通发表研报指，百威亚太公布去年末季收入为10.73亿美元(有机收入按年跌4.2%)，相对市场预期 为10.8亿美元，大摩预期为10.7亿美元；经调整EBITDA为1.67亿美元(有机收入按年跌24.7%)，低于市 场预期的1.83亿美元，亦低于大摩预期的2.02亿美元；经调整净亏损1200万美元。期内，集团在中国市 场销售下跌11.4%，销量下跌3.9%(跌幅收窄，市场份额回稳)，有机平均售价按年下跌7.7%，主因贸易 渠道及居家/新兴渠道投资增加。该行予集团目标价9港元，评级"增持"。 ...

Investment Rating - The report maintains an "Accumulate" rating for Budweiser APAC (1876.HK) with a current price of HKD 7.83 [1] Core Insights - Budweiser APAC reported a revenue of USD 5.764 billion for 2025, reflecting a year-on-year decline of 6.1%. The normalized EBITDA was USD 1.588 billion, down 9.8% year-on-year. In Q4 2025, revenue was USD 1.073 billion, with a year-on-year decline of 4.2% [5] - The company plans to distribute dividends of USD 750 million for 2025, unchanged from 2024 [5] Summary by Sections Revenue Performance - For 2025, Budweiser APAC achieved a total sales volume of 796.58 million hectoliters, down 6.0% year-on-year. The revenue per hectoliter for the year decreased by 0.2% [5] - In Q4 2025, the sales volume was 135.18 million hectoliters, with a slight decline of 0.7% year-on-year. Revenue per hectoliter fell by 3.5% [5] Regional Performance - In the Western Asia-Pacific region, Q4 2025 sales volume grew by 0.1% year-on-year, but revenue and revenue per hectoliter declined by 5.6% and 5.7%, respectively. Normalized EBITDA in this region fell by 40.0% year-on-year [6] - The Indian market showed strong growth, with high-end and super high-end products accounting for over two-thirds of total revenue, contributing more than 20% to revenue growth [6] - In the Eastern Asia-Pacific region, Q4 2025 revenue declined by 0.6% year-on-year, with sales volume down 3.7%. Revenue per hectoliter increased by 3.2% [6] China Market Focus - The Chinese market remains under pressure, with Q4 2025 sales volume down 3.9% year-on-year, primarily due to weak on-the-go channels and delayed shipments related to the Lunar New Year [7] - The company is increasing investments in channel and product mix expansion, focusing on high-end and digital channel strategies for 2026 [8] Profitability Forecast - The report lowers the net profit forecast for 2026 and 2027 to USD 621 million and USD 680 million, respectively, reflecting a decrease of 9% and 7% [8] - The current stock price corresponds to a P/E ratio of 21x for 2026, 20x for 2027, and 18x for 2028, indicating a favorable outlook for the company's competitive advantage in high-end and super high-end segments [8]

销量端，中国区4Q25销量同比下滑3.9%，主因公司核心的餐饮、夜场等渠道表现持续疲软。单价端， 4Q25中国区ASP同比-7.7%，主因公司加大对非现饮渠道的投入加之非现饮渠道占比提升对应产品结构 中枢下移。利润端，4Q25公司享受一定的原料成本下降与运营优化红利，但受经营杠杆刚性、总部营 销费用摊派及政府补助减少因素影响，中国区EBITDA同比-42.3%。 其他区域：印度延续增长态势，韩国盈利等待修复 亚太东部：销量端，因韩国消费环境疲软加之同期高基数，4Q25东部销量同比-1.3%。单价端，受益于 4Q25核心品类提价动作及2024年高端部分提价红利延续，东部四季度ASP同比+2.5%，利润端，因总部 费用摊派及韩国区员工薪资调整，使得4Q25东部EBITDA同比-9.8%。此外，公司的印度市场在结构升 级延续下保持高增长态势，对冲部分中国区压力。 中金发布研报称，考虑百威亚太(01876)或适度加大投入，下调26年EBITDA7.1%至15.93亿美元，引入 27年EBITDA16.37亿美元。当前股价对应26/27年6.5/6.2倍EV/EBITDA，因股息率托底，该行维持目标 股价9.80港元/ ...

Group 1 - The core viewpoint of the report indicates that China International Capital Corporation (CICC) has lowered Budweiser APAC's (01876) 2026 EBITDA forecast by 7.1% to $1.593 billion and introduced a 2027 EBITDA forecast of $1.637 billion, maintaining a target price of HKD 9.80 per share, which implies a 25.2% upside potential from the current stock price [1] Group 2 - For Q4 2025, the company's performance was in line with CICC's expectations, with revenue, sales volume, average selling price (ASP), and EBITDA showing year-on-year declines of -4.2%, -0.7%, -3.5%, and -24.7% respectively, particularly in China where these figures were -11.4%, -3.9%, -7.7%, and -42.3% [2] Group 3 - In the China region, Q4 2025 faced weak demand and deepened channel adjustments, leading to a 3.9% year-on-year decline in sales volume, primarily due to the poor performance in key channels like dining and nightlife, while ASP dropped by 7.7% due to increased investment in off-premise channels [3] Group 4 - Other regions showed mixed results, with India continuing to grow while South Korea's profitability awaited recovery; in the Eastern Asia region, sales volume declined by 1.3% year-on-year due to a weak consumption environment in South Korea, although ASP increased by 2.5% due to price hikes in core categories [4] Group 5 - The company has set a growth-first strategy for 2026, aiming to proactively address market challenges, with the current on-premise channel share at a historical low, suggesting limited downside potential; if the on-premise channel recovers, Budweiser could exhibit stronger-than-industry elasticity [5]

Core Insights - The company's 4Q25 performance aligns with expectations, showing a decline in revenue, sales volume, ASP, and EBITDA, particularly in the Chinese market [1] - The company aims for growth in 2026, adopting a proactive approach to market challenges, with potential for recovery in the on-premise channel [2] Financial Performance - 4Q25 revenue, sales volume, ASP, and EBITDA decreased by 4.2%, 0.7%, 3.5%, and 24.7% year-on-year, respectively, with the Chinese market showing declines of 11.4%, 3.9%, 7.7%, and 42.3% [1] - The EBITDA forecast for 2026 is adjusted down by 7.1% to $1.593 billion, with a new estimate for 2027 at $1.637 billion [2] Market Trends - In China, weak demand and channel adjustments continue to pressure volume and pricing, with a 3.9% decline in sales volume attributed to poor performance in key channels [1] - The Indian market continues to show strong growth, helping to offset pressures from the Chinese market [1] Strategic Outlook - The company is prioritizing growth in 2026, with expectations for stabilization as the macro environment improves and strategic adjustments are made [2] - The current stock price reflects a valuation of 6.5x and 6.2x EV/EBITDA for 2026 and 2027, respectively, with a target price of HKD 9.80 per share indicating a potential upside of 25.2% [2]

本报记者 梁傲男 2月12日，百威亚太控股有限公司（以下简称"百威亚太"）发布2025年财报。财报显示，该公司2025年收入57.64亿美元， 同比减少6.1%；公司股权持有人应占溢利4.89亿美元，同比减少32.6%；总销量796.58万千升，同比下降6.08%。 分地区来看，2025年，百威亚太在亚太地区西部市场销量及收入分别同比下降6.7%及8.2%，每百升收入同比下降1.5%；亚 太地区东部销量同比下降3.7%，收入及每百升收入同比增加1.3%及2.5%。 而2025全年，百威亚太在中国市场的销量及收入分别同比减少8.6%及11.3%，每百升收入同比减少3.0%，财报将此归因 于"增加了对扩大非即饮业务的投资"。 中国酒文化品牌研究院智库专家蔡学飞对《证券日报》记者分析称："按照目前的啤酒趋势与竞争态势，百威亚太正处在 一个'战略换挡'的阵痛期。财报中提到中国区'加大对渠道及产品组合扩张的投资'带来了'额外的获利压力'，说明管理层正在主 动用利润换市场、换未来产品结构。这也反映出，过去驱动百威增长的高端化叙事，正遭遇国产品牌升级的挤压。" 据了解，这是程衍俊自2025年4月份"掌舵"百威亚太以来的首份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 茲提述招股章程及本公司日期為2023年9月29日的公告（「公告」）中「關連交 易－不獲豁免持續關連交易」及「關連交易－獲全面豁免持續關連交易」章節， 內容有關（其中包括）本公司與百威集團訂立的進口框架協議之修訂及其項下擬 授出之ABI進口許可。除另有指明外，本公告所用詞彙與招股章程所界定者具 有相同涵義。 設定ABI進口許可之新年度上限 根據上市規則第14A.53條，董事（包括獨立非執行董事，惟不包括放棄投票的董 事）已同意根據ABI進口許可將截至2026年及2027年12月31日止年度就將應付 百威集團的銷售最高費用總額的新年度上限分別設定為220百萬美元及253百萬 美元。 1 1. 設定ABI進口許可之新年度上限 Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1876） 持續關連交易 設定ABI進口許 ...

| | | | 亞太地區 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 東部 | | 西部 | | 總計 | | | | 2025年 | 2024年 | 2025年 | 2024年 | 2025年 | 2024年 | | 銷量(未經審核) | 11.811 | 11.960 | 67.847 | 72.851 | 79.658 | 84.811 | | 收入5 | 1.310 | 1.352 | 4.454 | 4.894 | 5.764 | 6.246 | | 正常化除息稅折舊攤銷前盈利 | 688 | 406 | 1.199 | 1.401 | 1.588 | 1.807 | | 正常化除息稅折舊攤鎖前盈利率% | 29.7% | 30.0% | 26.9% | 28.6% | 27.6% | 28.9% | | 折舊、攤銷及減值 | (69) | (76) | (533) | (571) | (602) | (647) | | 正常化經營溢利 | | | | | | | | (正常化除息税前盈利) | 320 | 330 | 666 | ...

里昂发布研报称，予百威亚太(01876)目标价9港元，评级"跑赢大市"。百威亚太去年第四季度业绩大致 符预期，期内有机收入同比减4%，有机常规化EBITDA同比跌25%，大致符合该行预期与市场共识。净 亏损高于预期，因税务支出高于预期。 中国市场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未 能利好，平均售价面临压力。另一方面，集团南韩与印度市场表现稳健；股息符合预期。该行认为需关 注的重点为宏观政策、居家渠道发展及行销预算。 ...